The war for talent is back, are you ready?
There are parallels between the recruitment market and the property market. One of the impacts of economic crash was that employers cut back significantly on their recruitment at all levels including at graduate level. The feedback we are getting is that the talent pool in a number of key employment areas is deficient both in terms of volume and quality due to a lack of recruitment over a 4/5 year period.
When the recovery started to kick in, it was mainly reflected in growth in the contract market and this has been buoyant for the past 2/3 years. Employers were in a strong position but there is a marked change in 2015 in that the demand for quality permanent staff has increased and the power has swung back to the employee. Candidates are much less willing to go the contract route and while they are open to career change they can be very selective and have typically multiple options for permanent roles.
The parallels with the property market are interesting. The lack of investment resulting in the lack of housing stock available resonates with the employment market.
What can employers do? What should you focus on?
- Be aware of the market changes as they relate to you and prepare accordingly.
- If you are recruiting staff on an ongoing basis “Employer Marketing” is critical in a competitive labour market. Is your employer brand competitive and how are you perceived as an employer?
- How strong is your internal recruitment skills- set including senior management and HR members?
- If people are your most important asset is this reflected in your investment of time and money in recruitment and retention of key staff?
The main message is that the economy has turned and demand is very strong for high performing staff. This is an evolving market and it is essential that you are proactive and progressive to retain the talent you have and attract new talent to grow. Competing for staff can be as important as competing for customers!